Selangor Properties

Selangor Properties

Postby winston » Thu Oct 02, 2014 7:01 pm

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SelProp Desmond Lim formalises land sale

KUALA LUMPUR: Selangor Properties Bhd (SelProp) has formalised the sale of a 6.34 acre commercial parcel in Damansara Heights to Jendela Mayang Sdn Bhd, a company believed to be controlled by Tan Sri Desmond Lim Siew Choon of Malton Bhd for RM450mil, a Bursa filing said. The land was independently valued for about RM300mil.

The sale cements Lim’s grip of Pusat Bandar Damansara, Kuala Lumpur where he had earlier acquired a 9.5 acres from Johor Corp (JCorp), bringing his landbank to 15.34 acres.

The disposal is conditional on a SelProp subsidiary getting MRT Corp’s approval for the sale of the land to Lim pursuant to an earlier agreement between MRT Corp and the subsidiary.

SelProp said the proposed disposal enables the company to unlock the value of its investments. It expects to realise a net gain of RM376.2mil.. The proposed disposal is not expected to have any material effect on the company’s current year financial statement.

Source: The Star
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Re: Selangor Properties

Postby winston » Fri Jan 09, 2015 11:48 am

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Selangor Properties profit down in Q4
Dec 30, 2014

PETALING JAYA: Selangor Properties Bhd’s (SelProp) net profit for the fourth quarter ended Oct 31 fell 10.72% to RM30.66mil from RM34.34mil in the previous corresponding quarter due to delay in new launches.

In a filing with Bursa Malaysia, SelProp said it posted a 54.8% decline in revenue to RM27.2mil for the quarter from RM59.7mil previously.

Source: The Star
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Re: Selangor Properties

Postby winston » Fri Jan 09, 2015 11:53 am

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700% jump in SelProp profit
29 March 2014

PETALING JAYA: Selangor Properties Bhd’s net profit for its first quarter ended Jan 31, 2014 jumped by over 700% to RM155.27mil from RM19.36mil in the previous corresponding period, mainly due to a gain of RM113.1mil from the disposal of Help International Corp Bhd.

Revenue however fell to RM38.92mil from RM61.07mil a year earlier, the company told Bursa Malaysia yesterday.

Source: The Star
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Re: Selangor Properties

Postby winston » Fri Jan 09, 2015 11:55 am

Selangor Properties hits fresh high as it unlocks land value
Tuesday, 4 March 2014

KUALA LUMPUR: Shares of Selangor Properties Bhd (SPB) jumped to a historic high on Tuesday to reach RM5.10 as investors were upbeat on its plan to unlock its landed assets following the sale of a piece of land in Pusat Bandar Damansara.

At 11.16am, Selangor Properties was up 17 sen to RM5.05 with 279,900 shares traded.

The FBM KLCI fell 3.39 points to 1,821.3. Turnover was 806.98 million shares valued at RM515.56mil. There were 328 gainers, 242 losers and 276 counters left unchanged.

SPB said on Monday it had accepted an offer to sell a piece of land in Bukit Damansara to Jendela Mayang Sdn Bhd for RM450mil. It will expect a net gain of RM376.2mil.

The sale will enable it to pare down its existing borrowings including working capital for land banks expansion moving forward.

StarBiz reported Jendela Mayang Sdn Bhd has proposed to acquire the land from SPB for RM450mil cash.

Jendela Mayang is believed to be controlled by Datuk Desmond Lim Siew Choon of Malton Bhd, who already owned several parcels of land within Pusat Bandar Damansara.

Source: The Star
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Re: Selangor Properties

Postby winston » Fri Jan 09, 2015 11:58 am

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75% profit boost for S'gor Properties
31 December 2013

PETALING JAYA: Selangor Properties Bhd saw a 78% rise in net profit to RM34.34mil for the fourth quarter ended Oct 31, 2013 compared with the same quarter a year ago on better performance from listed subsidiary HELP International Corp Bhd as well as a revaluation surplus of RM13mil for its Australian operations, Claremont Quarters.

Revenue for the period was RM59.75mil, a 6% gain from RM55.94mil a year ago.

The company’s full-year net profit came in at RM95.34mil, 38% higher than RM69.05mil in the previous financial year. Revenue for the year stood at RM239.5mil.

The company said in a separate filing that there was a revaluation surplus of RM45.9mil for investment properties following a revaluation exercise, resulting in an increase of 10.9 sen in net asset per share.

Source: The Star
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Re: Selangor Properties

Postby winston » Fri Jan 09, 2015 12:00 pm

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Selangor Properties hit by launches delay
28 June 2013

PETALING JAYA: Selangor Properties Bhd’s net profit for the second quarter ended April 30, 2013 fell almost 40% to RM6.83mil from RM11.3mil in the same quarter last year.

However, it said in its filing to Bursa Malaysia that revenue for the quarter improved marginally to RM60.76mil from RM59.33mil a year ago.

In the group’s property investment holding segment, it achieved a higher profit compared with a year ago amounting to RM5.7mil, due to profit from compulsory land acquisition.

Meanwhile, the delay in new property development launches resulted in lower revenue and has incurred some losses.

The education segment also reported lower revenue and profits due to a decrease in classes conducted during the festive and holiday period, as well as lower enrolment by international students.

However, the group’s Australian operations posted a profit of RM17.7mil compared with a loss of RM1.4mil a year ago. “Higher gain in the current quarter was due to a revaluation surplus of RM19.8mil from Claremont Quarters.

The main income is from the rental of Claremont Quarters and its current occupancy remains high at 98.5%,” it said in a statement.

The group expects the property investment and education segments to remain stable and continue to contribute positively to the group.

Source: The Star
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Re: Selangor Properties

Postby winston » Fri Jan 09, 2015 12:03 pm

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MRT Corp drops compulsory acquisition of Selangor Properties land
3 May 2013

KUALA LUMPUR: Mass Rapid Corporation Sdn Bhd is withdrawing its compulsory land acquisition for part of a piece of land in Damansara Heights owned by Selangor Properties Bhd.

The latest development followed MRT Corp's earlier plan to compulsory acquire part of the site measuring 18,681 sq metres from Selangor Properties for a station and parking bays.

Selangor Properties said on Friday its unit Bungsar Hill Holdings Sdn Bhd had signed an agreement with MRT Corp -- the company which will build and own the MRT railway system for the Sugai Buloh-Kajang (SBK) line.

Under the agreement, the SBK Line would have a MRT station - Station 13 -- at the intersection between Jalan Maarof and Jalan Damansara at Pusat Bandar Damansara.

Bungsar Hill Holdings would provide a station entrance to connect the land to Station 13, with lay-by areas for bus, taxi, drop off / pick up bays and handicapped car park bays and parking facilities and other facilities for the park and ride concept at Pusat Bandar Damansara.

“Following the agreement, MRT Corp will be applying for the compulsory land acquisition for part of the said Land to be withdrawn.

“Bungsar Hill Holdings will also withdraw the application for leave for judicial review for an order of certiorari to quash the notice of acquisition for part of the said Land in due course,” Selangor Properties said.

Source: The Star
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Re: Selangor Properties

Postby winston » Fri Jan 09, 2015 12:07 pm

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Selangor Properties to develop 105ha in Selangor
25 April 2013

PETALING JAYA: Selangor Properties Bhd plans to develop about 105.22ha in Selangor over the next few years.

Firstly, it hopes to develop its landbank of about 32.38ha in the areas of Bukit Permata and Selayang Mulia, Selangor, where it has had previous housing projects.

Its chief operating officer Chong Koon San said the projects, which would comprise semi-detached houses, would be launched next year. However, no gross development value had been determined yet, he said after a shareholders meeting here yesterday.

Chong said apart from that, Selangor Properties, which generates most of its income from property investment, also had a 60.70ha in Ulu Langat that it was looking to develop into a mixed development. On top of that, it had 13.76ha in the vicinity of Damansara Heights.

“For Damansara Heights, we are waiting for the MRT line, which is under construction, to be completed before we decide on any solid development plans.”

He said the group had proceeded on a masterplan for its landbank in this area to provide a blueprint for an integrated future development.

Chong said Selangor Properties was still in negotiations with Mass Rapid Transit Corp Sdn Bhd (MRT Corp), which is overseeing the development of the MRT, with regards to the latter's proposed acquisition of some land owned by Selangor Properties, intended for MRT Corp's project.

“We will not sell the land and we are still talking to them about options,” he said.

The current Sungai Buloh-Kajang MRT line, which is under construction and which will run through Damansara, is expected to be completed by 2017.

Chong said Selangor Properties currently owned seven properties in Selangor, including Wisma Damansara and Menara Millenium, and these had an average occupancy rate of 96%.

In Australia, it has a shopping mall in Claremont, Perth, which has an occupancy rate of 98.5%.

The group's last pillar of business, education, is run under HELP International Corp Bhd. HELP is currently under an expansion programme to venture into the business of private international education.

The private school is expected to be located within HELP University's proposed campus at Subang 2 and expected to have its first intake of students by the end of this year.

Selangor Properties' net profit fell 56% to RM19.28mil in the fourth quarter ended Oct 31 from RM43.96mil a year ago, impacted by its investment holdings. A delay in its property launches also impacted its earnings in this division.

Source: The Star
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Re: Selangor Properties

Postby winston » Sun Oct 09, 2016 10:07 am

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Putting the shine back in SelProp

To mark its return, and to rebrand the company, SelProp will launch Aira Residences next week, a high-rise niche condominium project in Jalan Batai with a gross development value of RM800mil.

To be completed about four years from today, it will then consider the redevelopment of Wisma Damansara in Jalan Semantan, which is currently mothballed.


After a long silence, the founder’s son, Wen Chiu Chi, 60, will be taking charge although the matriarch of the family, Puan Sri Chook Yew Chong Wen, 94, continues to be executive director and chairperson.

He, the third of four children in the family, has taken control of the family’s stake in SelProp and according to Chong, is the annointed head of the company by the family.


Source: The Star


http://www.thestar.com.my/business/busi ... n-selprop/
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Re: Selangor Properties

Postby winston » Sat Oct 29, 2016 7:26 pm

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12 October 2016

Selangor Properties unveils AIRA Residence

BY TOH KAR INN

It plans to redevelop Wisma Damansara after AIRA Residence, and later the 3.59 acres near the work-in-progress Semantan MRT station, known as Kompleks Pejabat Damansara where Wisma UN and other low-rise office buildings are located.

Both of these will commence after the completion of AIRA Residence.


The group has about 30 acres of land bank in Damansara Heights.


Source: The Star

http://www.thestar.com.my/business/busi ... residence/
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